Business Support

We often advise businesses during the period when insolvency may be foreseeable due to a change in the market or due to an unforeseen event such as suffering a bad debt owed by one of your customers which could trigger an insolvency procedure. We are well placed to provide advice on how to turn around or re-structure your business or we will advise on what steps should be taken to ensure that the directors are protected so as to avoid the consequences that may follow. Mark Wilkinson, Head of Insolvency & Credit Management Services, explains more.

We don’t have enough cash to continue trading – what can we do?

We are well connected to many leading Insolvency Practitioners, banks and other lenders, locally and nationally who can work with us and you to provide advice as to how you should protect your position whether as an investor or as a director.

If you are a director of a company which is experiencing financial difficulty, it is important that you take advice from our team so as to avoid being potentially personally liable for wrongful trading and/or for breaching your duties as a director.

Our team is also well connected to banks, asset-based lenders, funders and brokers who may be able to assist by reviewing your current facility (if applicable) or by providing a funding solution with a view to trading out.

We could pay our bills if people paid us – what are the options?

We can provide assistance on collecting your unpaid invoices. Our debt recovery and dispute resolution units work alongside our business recovery and insolvency team.

If those debts cannot be collected then we will advise you as to which insolvency procedure is the most appropriate with a view to buying you more time to determine whether or not your business can be re-structured.

With a little more time we could trade our way out of this – how can we do this?

In this situation it is essential that you seek advice as early as possible in order to protect your position. We will advise you on the procedures that are available such as administration where your assets can be ring fenced for a short period to create breathing space whilst a strategy is formulated. Again, we work with many insolvency practitioners who can work with us in formulating a rescue plan.

Our team

Mark Wilkinson

Partner

Head of Insolvency & Credit Management Services

Direct Line +44 (0)113 297 1862

Lucy Wilkinson

Associate

Business Recovery & Insolvency

Direct Line +44 (0)113 297 3794